Revelation Biosciences to go public via deal with SPAC Petra Acquisition

Revelation Biosciences, a clinical-stage life sciences company focused on the development of immunologic‑based therapies for the prevention and treatment of disease, and Petra Acquisition (Nasdaq: PAICU), a special purpose acquisition company (SPAC), have entered into a definitive merger agreement for a business combination that will result in Revelation Biosciences becoming a publicly traded company.

Under the agreement, Revelation Biosciences will merge with a wholly-owned subsidiary of Petra Acquisition, with Revelation Biosciences being the surviving entity of the merger and a wholly-owned subsidiary of Petra. Petra Acquisition, which currently holds approximately $73 million of cash in trust, will be renamed to Revelation Biosciences following the merger.

The combined entity will have an estimated pro forma enterprise value of approximately $128 million. Assuming no trust account redemptions by Petra’s public stockholders, Revelation Biosciences existing stockholders will own approximately 51% of the fully diluted shares of common stock of the combined company immediately following the closing of the business combination.